​This was done following a comprehensive check, in which it was found that Biocord and the Life Bank do not meet the requirements detailed in clause 9 of the umbilical blood regulations (private umbilical blood bank), 2012, and that the bank dies not have a suitable medical manager.
Furthermore, no evidence was presented to establish adequate fiscal stability for Biocord Ltd. Or its shareholders, testifying to their ability to ensure the required length of time for fulfilling their commitments to their customers to retain the umbilical blood for a protracted period.
The Ministry of Health directed the Biocord blood bank to issue a notice to its customers as follows:

“The Ministry of Health has rejected the request by Biocord Ltd. For a permit to operate an umbilical blood bank and therefore the company will not be able to continue to operate the Life Bank umbilical blood bank.
“Due to the sensitivity and the technical limitations there is no practical way of transferring individual units of blood for safekeeping at a different blood bank, but rather, only the freezers in their entirety may be transferred. Therefore, and in accordance with the instructions of the Ministry of Health, Biocord is working to reach an agreement with a suitable organization which will continue to manage and preserve the frozen units and the information concerning those units, under proper conditions”.